Air Costa halts flights, seeks investors

By Eleanor Steed
March 6, 2017 15:47

Last week Air Costa halted flights after finally succumbing to losses of Rs130 crore on revenue of Rs327 crore and operating expenses of Rs457 crore in 2015-16. The airline, which has never reported a profit, has halted all bookings and is reported to be seeking investors. The carrier, which has 600 employees, has not paid salaries for January.

GECAS has impounded two Embraer aircraft at Hyderabad international airport due to defaults on payments.